Big Stakes and Religious Laws: Nigeria’s Sports Betting Industry at a Crossroads

Meet CEOs/MDs of companies behind Nigeria’s $2 billion Sports wagering market.

Gambling has progressed significantly in Nigeria from conventional forms like pool staking and Baba Ijebu to a flourishing sports betting wagering industry. Historically connected to European football leagues, swimming pool staking was a common sight at motor parks and kiosks, where enthusiasts would bet as little as N50-N200 on matches.

Gradually, with increased internet access came virtual wagering, sports betting which parallels international trends. The sports betting market is valued at $89.91 billion in 2023 and is forecasted to almost double to $182.02 billion by 2030.

In spite of financial difficulties such as inflation, Nigeria’s sports betting wagering sector has flourished, drawing in millions, specifically amongst the vibrant group facing high unemployment rates.

Reports suggest that approximately 60 million Nigerians aged 18-40 actively take part in sports betting, driving a market that produces an approximated yearly earnings of N730 billion. The federal government has actually not gone undetected by this growth, which is considering regulative steps like excise responsibilities and VAT increases to handle the sector.

The National Lottery Act of 2005 established regulative bodies like the National Lottery Regulatory Commission to make sure fair operations regardless of difficulties in enforcement. Issues such as inadequate age confirmation and sports betting advertising rule breaches reveal market regulative gaps.

Despite these difficulties, sports betting wagering companies continue to prosper through effective service designs and aggressive marketing methods, leveraging the developer influencer market.

These efforts have contributed to Nigeria’s robust $2 billion gaming sector, sports betting with CEOs playing vital roles in expanding audience reach and driving industry development. Here are the CEOs of leading sports betting wagering companies who have considerably contributed to Nigeria’s $2 billion gambling empire through their substantial audience reach.

Constable Olaniyan – CEO Surebet247

Constable Olaniyan is the CEO of Surebet247, a sports betting book business he co-founded with Badmos Olasupo in 2011. His diverse career covers various roles in the video gaming and entertainment industry, consisting of operating at among the United Kingdom’s biggest gaming centres, The Palace Bingo Club, where he acted as the Lead Engineer in a Bingo and Bowling Club.

Olaniyan holds a BSc in Geography from the University of Ilorin and a Master’s in Geographical Information Systems from the University of Glamorgan, sports betting Wales. Surebet247, founded in August 2011, has actually become a leading e-commerce service in the wagering and sports betting gaming sector, operating through online, mobile, and sports betting retail channels. The business was integrated in Nigeria on November 7, 2006, and has given that expanded its presence, achieving over 5,000 downloads on the Google Play Store.

Sam Sadi – CEO Livescorebet

Sam Sadi has over 25 years of experience in sports betting brands and sports betting media. In 2019, he ended up being the CEO of LiveScore Group, a totally integrated ecosystem that integrates relevant sports betting content, engaging features, and a first-rate sportsbook.

Because taking the helm prior to the pandemic, Sam has actually driven considerable growth for LiveScore Group. The business’s employee headcount has increased by 29%, and yearly earnings has risen from around ₤ 10 million to over ₤ 80 million.

Sam’s leadership and tactical vision have actually moved LiveScore Group’s success and assisted form the market’s instructions. LiveScoreBet has attained significant user engagement, with over 100,000 downloads on the Google Play Store.

Anthony Werkman – CEO of Betway Group

Anthony Werkman was appointed CEO of Betway in November 2017, having actually formerly functioned as the company’s Marketing and sports betting Operations Director considering that 2015. He signed up with Betway in 2013 and has been in the online video gaming industry given that 2000, holding different effective roles, including General Manager of a data analytics team and Director of a digital marketing firm.

Under Werkman’s management, Betway has continued to grow its market presence and improve its offerings. The company’s app has actually amassed substantial user engagement, sports betting with over 100,000 downloads on the Google Play Store.

Damilare Alabi, Co-Founder, Managing Director NairaBET

Damilare Alabi has actually identified herself as a senior sports betting executive with a track record of changing start-ups into institutionalized companies. Her know-how covers the video gaming, realty, and credit financing markets, where he has actually developed himself as a strategic and sports betting operational leader.

Damilare has actually contributed in NairaBET’s success for sports betting over 14 years. Considering that June 2019, she has worked as Managing Director and has actually supervised the company’s growth and operations in Lagos, Nigeria.

Before this, she was the Chief Operating Officer from 2010 to June 2019, in the business’s functional strategies and market expansion.

She founded DearDammy Women’s Initiative (DDWIN), sports betting a non-profit organization empowering women-owned services. DDWIN supplies frHer academic background includes a Bachelor’s degree in Geology/Earth Science from the University of Ibadan, finished in 2005.

Akin Alabi, the creator of NairaBET.com, sports betting Nigeria’s pioneering sports betting bookmaking company, developed business in 2009. While NairaBET was not the very first sports betting platform in Nigeria, it was the very first to release a completely practical site, setting a benchmark in the market.

Femi Babalola- General Manager of 1Xbet Nigeria Limited

Femi Babalola is the Managing Director of 1XBET Nigeria Limited, a franchise of the international sports betting business based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has actually established itself as one of the biggest bookmakers in Europe and the world. The company operates in more than 50 nations, including Nigeria, where it is completely certified.

Under Babalola’s management, 1XBET Nigeria has broadened its footprint in the competitive Nigerian sports betting wagering market, offering a wide variety of sports betting options and an user-friendly platform. The 1XBET app has over 500,000 downloads on the Play Store.

Gossy Ukanwoke – CEO of Betking Nigeria

Gossy Ukanwoke is the CEO of BetKing, Managing Director of KingMakers, and Chairman of Vend Capital. In addition to leading these endeavors, Ukanwoke has actually teamed up with African socio-economic institutions and federal governments to develop developmental policies targeted at empowering youths. In 2015, sports betting Ernst & & Young honoured him as the Winner of the Accelerating Category– World Entrepreneur of the Year.

BetKing, established and released in Nigeria on February 22, 2018, by Byron Petzer and Adekunle Adeniji, runs under the trademark name of Lake Ventures Ltd. This pan-African sports betting and home entertainment business has quickly grown its existence in Nigeria, with outlets in major cities and over 500,000 downloads on the Google Play Store.

In 2020, BetKing entered into a collaboration with the Lagos Employment Trust Fund, creating over 100,000 jobs, the number of which is increasing each year. In the very same year, MultiChoice broadcaster bought a 20% stake in BetKing, which was increased to 49% in 2021.

Denise Coates – CEO Bet 365

Denise Coates is a British billionaire businesswoman, the founder, majority shareholder, and joint Chief Executive of Bet365, an online gaming business she developed in 2000. Bet365.com was released in 2001 as an online wagering website and has actually since become among the world’s biggest online gaming companies.

By 2016, Bet365 generated $2 billion in earnings and helped with $45 billion in yearly bets. The company likewise holds a bulk stake in Stoke City Football Club. Bet365 has actually amassed substantial user engagement, with over 1 million downloads on the Google Play Store.

Ayo Ojuroye – CEO/Cofounder Bet9ja

Ayo Ojuroye is the CEO and co-founder of Bet9ja, a leading sports betting wagering company in Nigeria, developed together with businessman Kunle Soname, who likewise owns Portuguese club CD Feirense and Nigerian club Remo Stars.

Ojuroye is also the Chairman of Mango Asset Management, an independent Nigerian asset management business that creates financial investment returns and offers unique financial investment insights and services to both private and institutional customers.

Founded in 2012 under KC Gaming Networks, Bet9ja has actually quickly grown in appeal, with over 1 million downloads on the Google Play Store. Under Ojuroye’s leadership, Bet9ja has actually ended up being a substantial player in the Nigerian sports betting industry.

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is a seasoned expert in the sports betting market. He has actually been serving as the Country Director for 22BET in Nigeria considering that June 2021. In this function, he has actually contributed to the business’s development through partnerships, company method, and brand-new business development.

Fikayo’s experience consists of functions such as Chief Operations Officer (West Africa) at 22BET, where he handled item development and customer experience, and Country Manager at 22BET, concentrating on marketing technique and budget plan management. Before 22BET, he led marketing efforts at LuckyBet.NG and held different digital marketing functions at Laclic Services and Betty Bingo.

His profession began at Jumia Group, where he worked in SEO, CRM, and content management. Fikayo likewise worked as a Human Resource Officer at SIFAX Group.

He holds a Bachelor of Technology (B.Tech.) in Management and Accounting from Ladoke Akintola University of Technology and a Master of Science (MS) in Business Administration, Management, and Operations from ESTG University in Cotonou, Benin Republic.

22Bet is an online gambling platform that offers sports betting, casino games, and live dealership video games. It was introduced in 2017 and is owned and operated by Marikit Holdings Ltd, a company registered in Cyprus and a subsidiary of Orakum N.V.. They are also the owners of Betwinner and a chain of gambling establishments worldwide.

Sudeep Ramnani– CEO Sportybet Group

Sudeep Ramnani is the Founder and sports betting CEO of SportyBet, a company he developed in 2013.

SportyBet is an international sports betting and real-money video gaming operator sports betting understood for sports betting providing an omni-channel home entertainment experience in managed emerging markets. Under Ramnani’s leadership, SportyBet has actually become a substantial player in the industry, with over 1 million downloads on the Google Play Store.

In addition to his function at SportyBet, Sudeep is an active financier in fintech and mobile payments and a strong supporter for the growing African internet community. His investments show his commitment to promoting innovation and advancement within the region.

On April 30, 2024, Sudeep Ramnani invested in Chowdeck, taking part in a seed round valued at $2.5 million.

The company is set to disrupt the sports betting market.

Sunbet Sporting International Limited has said it is focused on changing how countless Africans engage with sports betting. In a market worth over $1.5 billion annual, sports betting with double-digit development forecast in the coming years, according to reports from the African Sports Betting Association and PwC, the firm aims to leverage innovative innovation and a commitment to accountable sports betting to change the sector.

Backed by the monetary power of four popular African billionaires, Sunbet, which will introduce in the first quarter of 2025, aims to be the continent’s largest and most innovative sports betting platform.

At a press instruction, the business’s representative, Akin Babatunde, said that the increase in Internet penetration, mobile usage, and the continent’s deep passion for sports betting, especially football, has actually set the stage for Sunbet’s enthusiastic entry. He added that the company’s robust financial backing and expert team will enable it to scale and control the market rapidly.

Islamic police raid betting shops in northern Nigeria

Islamic authorities in Nigeria’s northern city of Kano have started closing down sports betting shops, which they say are operating unlawfully.

“As you understand, wagering is prohibited in Islam,” Mujahid Aminudeen, deputy chief of the Sharia police, referred to as the Hisbah, told the BBC.

Problems from neighborhood leaders and moms and dads prompted the crackdown, worried about the growing number of sports betting addicts, he said.

On the very first day of raids, sports betting 30 stores were closed in one suburban area alone, and their owners were sent out home with a warning, the Sharia officer said.

However Mr Aminudeen warned that now that the general public understood that the Hisbah was clamping down on gambling, those flouting the rules would be arrested.

Kano city is the capital of Kano state, which has a bulk Muslim population and runs the Islamic legal system – Sharia – along with secular law.

Bookies and bars tend to be enabled to run in Kano’s Christian neighbourhoods, though they too can face action if the Hisbah thinks Muslims are frequenting them.

Nevertheless, the present crackdown is focused on Muslim locations of Kano, a sprawling city and the economic center of northern Nigeria.

sports betting wagering stores can be discovered all over the city. Many have tv screens, sports betting and clients enjoy the outcome of global football matches or horse races on which they have actually staked money.

Mr Aminudeen said such bookmakers had had the ability to operate under the radar as they had actually opened under false pretences.

“They don’t have licences to operate as they were permitted to run video games centres, which they later converted to wagering stores,” he said.

The sports betting industry has actually expanded drastically throughout West Africa recently. The region is roughly divided between a generally Muslim north and a mainly Christian south.

Lots of people go to bookmakers to delight in the friendship of other gamblers, though mobile apps are also popular for wagering on the result of occasions and groups.

Nigeria’s crippling economic crisis has also indicated individuals are willing to risk a small amount in the hope of winning huge.

But this had actually caused widespread addiction, and parents were even complaining that kids were dropping out of school to bet, Mr Aminudeen stated.

“These economic issues we are facing in Nigeria is God informing us to alter our ways by stopping sins,” he said.

The raids on Tuesday concentrated on Munjibir, thought about a resort area in the northeast of the city– visitors flock there at weekends.

“I am advising those running those sports betting stores to either closed down or we’ll jail them and take them to [a Sharia] court,” Mr Aminudeen said.

It is uncertain what punishment they would deal with – often, such infringements bring a fine.

Sharia was presented in Kano in 2000 – as it was in 11 other Muslim-majority northern states – and sports betting prostitution, gambling and the intake of alcohol were prohibited.